BOP swings to $88-M surplus in Aug

The country's balance of payments (BOP) position remained in a surplus for a second straight month in August, shifting from a deficit a year ago, mainly due to the central bank's net income from investments abroad.

- Keisha Ta-Asan

Based on data released by the Bangko Sentral ng Pilipinas (BSP), the country's BOP surplus stood at $88 million in August, a reversal of the $57-million gap recorded in the same month last year.

On a monthly basis, the surplus rose by nearly 42 percent from the $62-million excess in July. The August figure marked the highest surplus in three months or since the $1.9 billion in May.

"The BOP surplus in August 2024 reflected inflows mainly from the net income from the BSP's investments abroad," the central bank said.

The BOP is the difference in total values between payments into and out of the country over a period.

A surplus means more dollars flowed into the country from exports, remittances from overseas Filipino workers, business process outsourcing earnings and tourism receipts than what flowed out to pay for the importation of more goods, services and capital.